Repurchase of Ordinary Shares in Value Value Group Limited (Incorporated in the Republic of South Africa) Registration number: 1997/002203/06 Share code: VLE ISIN code: ZAE000016507 (“Value” or “the Company”) REPURCHASE OF ORDINARY SHARES IN VALUE INTRODUCTION In terms of a general authority granted by Value shareholders at the Company’s annual general meeting held on 21 July 2017, a special resolution was passed to approve the repurchase of its ordinary shares. AUTHORISED LIMITS In terms of the special resolution: (a) The general authority is limited to a maximum of 20% of Value’s issued ordinary share capital being 37 285 495 ordinary shares. (b) Any repurchase may not be made at a price greater than 10% above the weighted average of the market value of the ordinary shares for the five business days immediately preceding the date of such repurchase. (c) The repurchase of shares being affected through the order book operated by the JSE trading system and done without any prior understanding or arrangement between Value and the counter party. IMPLEMENTATION Details are as follows: Total number of ordinary shares repurchased during the period (20 October 2017 to 23 March 2018) 5 718 660 Total value of ordinary shares repurchased R24 269 679 Highest price paid per ordinary share R4.35 Lowest price paid per ordinary share R3.50 Average price paid per ordinary share including costs R4.24 The number of ordinary shares which may still be repurchased by Value in terms of the general authority 31 566 835 The percentage of ordinary shares which may still be repurchased by Value in terms of the general authority 16.93% Ordinary shares in issue on 28 February 2017, the date of Value’s most recent published financial year end results 186 427 478 Ordinary shares in issue on 31 August 2017, the date of Value’s most recent published financial half year end results 186 427 478 Treasury shares held after the repurchase 18 549 479 SOURCE OF FUNDS The repurchases to date have been funded from available cash resources and it is intended that all future purchases will also be funded from available cash resources. OPINION OF THE DIRECTORS The directors of Value have considered the impact of the share repurchase and are of the opinion that: - Value and its subsidiaries will be able, in the ordinary course of business, to repay its debts for a period of 12 months from the date of this announcement. - The assets of Value and its subsidiaries are in excess of the liabilities, measured in accordance with the accounting policies used in the audited results for the year ended 28 February 2017. - The ordinary share capital and reserves of Value and its subsidiaries will be adequate for a period of 12 months from the date of this announcement. - The working capital of Value and its subsidiaries will be adequate for a period of 12 months from the date of this announcement. FINANCIAL INFORMATION Value’s cash balances decreased by R24,269,679.00 as a result of the repurchase. As the repurchase has been effected by a wholly-owned subsidiary of Value, the shares repurchased have neither been cancelled, nor has their listing on the JSE been terminated. For and on behalf of the Board Johannesburg 27 March 2018 Sponsor Investec Bank Limited Date: 27/03/2018 04:35:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.